March Market Summary

At the end of March 2023, reiwa.com confirmed Perth’s very active market continued with properties selling in just 13 days (the fastest median time to sell in the past 23 years was 12 days back in March 2021). March is normally a strong selling month and despite 10 consecutive interest rate rises, March 2023 was no exception with properties continuing to sell very quickly. Perth continues to hold firm in the fact of interest rate rises, with CoreLogic’s Perth home value index increasing 0.5 per cent in March , and up 1.9 per cent over the year.

Perth’s median rent increased by $20 in March to $550 per week, which is $90 or 19.6 per cent higher than March 2022. Overall, Perth property conditions remain stable and during April, buyers and tenants alike may have more time to make a purchase or find a rental when days on market traditionally increase, due to the number of public holidays and school holidays.

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